Indonesia home lender targets 1.5 trln rph bond
JAKARTA, April 22 (Reuters) - Indonesian home lender, PT Bank Tabungan Negara (BTN), aims to raise 1.5 trillion rupiah ($138.8 million) from a 5-year bond issuance in May to boost lending, the bank said on Wednesday.
PT Danareksa Sekuritas, PT Mandiri Sekuritas and PT Trimegah Securities Tbk (TRIM.JK) had been appointed to underwrite the bonds, which will be offered between May 22-26, it said in a prospectus published in Bisnis Indonesia newspaper.
The bonds will be divided into three tranches with maturities ranging from three to five years.
BTN had not decided the coupon rate for the planned bonds, rated AA- by a local rating agency PT Pefindo.
The unlisted state bank had outstanding lending of 30.8 trillion rupiah as of December 2008, 97 percent of which are mortgage loans. It posted a net profit of 430.5 billion rupiah last year, up 7 percent from a year earlier.
Earlier this year, BTN said it had aimed to boost lending by 14 percent this year and was considering an initial public offering (IPO) in the fourth quarter to help fund business expansion.
The central bank cut its key interest rate BIPG by 25 basis points to 7.5 percent this month to help spur the growth in Southeast Asia's biggest economy and as inflation eased. ($1 = 10,810 rupiah) (Reporting by Dicky Kristanto; Editing by Ed Davies)
